The company's India operations generated revenues of around 75 million euro last year, with automotive segment accounting for around 35 per cent of revenues, he added.

Globally, the company reported revenues of around 3.8 billion euros and employs nearly 25,000 people worldwide.

"In fact, each year, more than half of all passenger vehicles manufactured worldwide are equipped with Osram lights and this figure goes to more than 70 per cent when it comes to the Indian market," Singh said.

He added that the new range of products will definitely bring wider options to choose from and cost competitiveness in the automotive after-market lighting industry.

The products, priced at Rs 110-399, would be mostly imported from Germany and China even though Osram has a manufacturing facility in Chennai.

Besides the company's 100 direct distributors in the country, the Rallye range will be available online on Amazon, Flipkart and Snapdeal.

Osram offers lighting solutions to over 70 per cent of passenger vehicles in India.

On global operations, Singh said the company aims to become a 5 billion euro entity by 2020. It is also targeting 1 billion euro in profit by that period.

"Besides, we plan to give 5 euros per share back to the market," Singh said.

Currently, India and China are the company's two key markets in the Asia-Pacific.

"These are the largest automotive vehicle markets and as such also our key focus markets for automotive lighting, with passenger vehicles leading the demand for automotive lighting," Osram GmbH Global Business Head-Traditional Products Matt Hillenbrand said. MSS ARD